Second quarter 2026
Filed Aug 11, 2026Peraso Announces Second Quarter 2026 Results
Revenue and gross margin improved sequentially, but revenue remained below the same quarter a year ago, the company remained loss-making, and management cited irregular order patterns and component-market pressures expected to extend into the fourth quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenueGAAP | $1.3 million | approximately 36% | – |
| Product revenueGAAP | $1.2 million | – | – |
| Services and other revenueGAAP | $63 (in thousands) | – | – |
| Cost of net revenueGAAP | $474 (in thousands) | – | – |
| Gross profitGAAP | $833 (in thousands) | – | – |
| Gross marginGAAP | 63.7% | – | – |
| Total operating expensesGAAP | $3.1 million | – | – |
| Operating expenses excluding stock-based compensationnon-GAAP | $2.9 million | – | – |
| Net lossGAAP | $2.2 million | – | – |
| Net loss per shareGAAP | ($0.16) per share | – | – |
| Net loss excluding stock-based compensation and changes in fair value of warrant liabilitiesnon-GAAP | $2.1 million | – | – |
| Non-GAAP net loss per sharenon-GAAP | ($0.15) per share | – | – |
| Adjusted EBITDAnon-GAAP | negative $2.0 million | – | – |
| Six months ended June 30 total net revenueGAAP | $2,270 (in thousands) | – | – |
| Six months ended June 30 product revenueGAAP | $1,911 (in thousands) | – | – |
| Six months ended June 30 services and other revenueGAAP | $359 (in thousands) | – | – |
| Six months ended June 30 cost of net revenueGAAP | $845 (in thousands) | – | – |
| Six months ended June 30 gross profitGAAP | $1,425 (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ProductThe sequential increase in product revenue was attributable to higher shipments of mmWave products. | $1.2 million | – | – |
| Services and otherAn increase in non-recurring engineering services revenue was cited as a driver of the year-over-year gross-margin increase. | $63 (in thousands) | – | – |
What drove it
- Fulfillment of a previously delayed order shipment to a new fixed wireless access customer.
- Higher shipments of mmWave products.
- An increase in non-recurring engineering services revenue and mmWave product mix.
- An increase in sales of inventory written down in prior periods.
Concerns
- Fixed wireless access customers are navigating inflated memory prices and constrained supply of other key components.
- Management expects these market dynamics to extend into the fourth quarter.
- The company cited irregular order patterns.
- Total net revenue was lower than the same quarter a year ago.
- GAAP net loss and Adjusted EBITDA remained negative.
- The filing lists risks related to the company's ability to continue as a going concern, raise additional capital, and regain compliance with Nasdaq continued listing requirements and standards.
What to watch
- Timing of customer orders and product shipments.
- Conversion of customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue.
- Progress in expanding engagements with drone manufacturers.
- Additional distribution partners and supply-chain resilience initiatives.
- Whether fixed wireless access component-market conditions continue into the fourth quarter.
Analysis
Peraso reported a sequential revenue recovery in the second quarter, with total net revenue of $1.3 million versus $1.0 million in the prior quarter. Management attributed the result to fulfillment of a previously delayed order shipment to a new fixed wireless access customer. Product revenue was $1.2 million versus $0.7 million in the prior quarter, with the sequential increase attributed to higher mmWave product shipments. However, total net revenue was below $2.2 million in the same quarter a year ago, and product revenue was also below the prior-year level of $2.2 million.
Gross margin improved to 63.7% from 61.5% in the prior quarter and 48.3% in the same quarter a year ago. Management attributed the year-over-year improvement to increased non-recurring engineering services revenue, mmWave product mix, and higher sales of inventory written down in prior periods, partially offset by lower sales of memory and related products. The gross-margin expansion is a notable favorable element of the quarter, but the filing identifies factors that include inventory previously written down, which investors should distinguish from recurring volume and mix trends.
Operating expenses were $3.1 million on a GAAP basis and $2.9 million on a non-GAAP basis, each described as consistent with the prior quarter. GAAP net loss improved sequentially to $2.2 million from $2.5 million, while non-GAAP net loss improved to $2.1 million from $2.3 million and Adjusted EBITDA improved to negative $2.0 million from negative $2.3 million. Against the same quarter a year ago, GAAP net loss was $2.2 million versus $1.8 million, non-GAAP net loss was $2.1 million versus $1.7 million, and Adjusted EBITDA was negative $2.0 million versus negative $1.6 million.
Management's demand commentary remains uneven. It described inflated memory prices, constrained supply of other key components, and irregular fixed wireless access ordering patterns, and expects these dynamics to extend into the fourth quarter. At the same time, management cited growing interest in defense, tactical communications, and drone applications, with expanding engagements with drone manufacturers. The release provided no quantitative forward revenue, gross-margin, expense, or profitability guidance, so near-term assessment remains dependent on order timing, shipment execution, new design wins, and conversion of evaluations into purchase orders and production revenue.
Capital allocation and liquidity details were not provided in the supplied filing text. The disclosed risk factors specifically include the ability to continue as a going concern, raise additional capital, regain Nasdaq listing compliance, and manage timing of orders, shipments, customer acceptance, and component availability. These items, together with continuing losses and the absence of numerical outlook, are central items for investors to monitor.
Management, verbatim
Second quarter revenue increased approximately 36% sequentially and was above our previous expectations, primarily reflecting the fulfillment of a previously delayed order shipment to a new fixed wireless access customer.
Ron Glibbery, CEO
Our overall business continues to be impacted by irregular order patterns, as fixed wireless access customers navigate inflated memory prices and constrained supply of other key components.
Ron Glibbery, CEO
Today, we are seeing a high level of interest and expanding engagements with drone manufacturers that are actively evaluating our solutions.
Ron Glibbery, CEO
Not in the filing
stated, not guessed- Quantitative forward guidance for revenue, gross margin, operating expenses, tax rate, earnings, or Adjusted EBITDA
- Previous-quarter outlook for comparison with reported results
- GAAP operating income or loss
- Non-GAAP operating income or loss
- Operating cash flow
- Free cash flow
- Capital expenditures
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Detailed individual operating-expense line items, as the supplied statement-of-operations table is truncated after the Research and development label
- Income tax provision or tax rate
- Full six-month operating expenses, net loss, earnings per share, and Adjusted EBITDA figures
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.